NZK 1HY25 Investor Presentation

• GAAP Net profit of $6.0m, impacted by non-cash adjustments
• Pro-forma EBITDA of $13.5m, 12-month pro-forma EBITDA of $27.3m
• Continued investment in R&D to improve fish health outcomes

NZK reported a GAAP net profit of $6.0m in 1HY25, down from $10.6m in the prior comparable period. This was impacted by non-cash adjustments relating to biological assets/inventory of a loss of $3.6m (1HY24 gain of $4.1m) and a smaller contribution from the continued unwind of early close out of FX contracts in FY22 $2.6m (1HY24 $3.6m). The 1HY25 pro-forma EBITDA, which is the company's preferred performance measure, was a profit of $13.5m (1HY24 profit of $10.7m). Rolling 12-month pro-forma EBITDA is $27.3m. The second summer through the adapted farming strategy saw mortality continue to track within management's expectations following changes to the farming model. The company is continuing to invest in R&D with the intention of further improving fish health outcomes. The focus continues to be on optimising earnings to increase the self-funding component of the Blue Endeavour project. Baseline monitoring is underway for Blue Endeavour, with open ocean infrastructure and a pilot service vessel expected to be delivered in 2025. The balance sheet remains strong with net cash on hand of $32.5m. FY25 capex excluding Blue Endeavour is forecast at ~$14m, with FY25 Blue Endeavour pilot capex estimated at $9.6m.

Pro-forma EBITDA guidance range of $26m to $30m for FY25. FY25 expected harvest ~6,800 MT.